FLOKIUSDT.1D
Analyzing the FLOKI/USDT daily chart, I can see that the price recently peaked at a resistance level marked as R1 and is now retracing. I have drawn a green upward trendline that has been supporting the price movement; however, the current price action suggests a potential test of this support.
If the support holds, I anticipate a rebound towards the R1 level and potentially a move higher to R2. The Moving Average Convergence Divergence (MACD) shows a negative divergence as the MACD line is below the signal line, suggesting bearish momentum in the short term. Additionally, the Relative Strength Index (RSI) is around 54, indicating neither overbought nor oversold conditions but nearing the median, which aligns with a possible consolidation or retracement phase.
Based on the technical indicators and recent price behavior, my conclusion is that the market might experience further downward pressure in the near term. However, the support level delineated by the trendline and the S2 support zone should be monitored closely. A break below these could confirm a bearish trend, while a rebound from them could lead to a recovery back towards R1. The key will be how the price reacts to the trendline in the coming days.
If the support holds, I anticipate a rebound towards the R1 level and potentially a move higher to R2. The Moving Average Convergence Divergence (MACD) shows a negative divergence as the MACD line is below the signal line, suggesting bearish momentum in the short term. Additionally, the Relative Strength Index (RSI) is around 54, indicating neither overbought nor oversold conditions but nearing the median, which aligns with a possible consolidation or retracement phase.
Based on the technical indicators and recent price behavior, my conclusion is that the market might experience further downward pressure in the near term. However, the support level delineated by the trendline and the S2 support zone should be monitored closely. A break below these could confirm a bearish trend, while a rebound from them could lead to a recovery back towards R1. The key will be how the price reacts to the trendline in the coming days.
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